Evolution Metals Defaults on $34.7 Million Debt Redemption
Yorkville said Evolution Metals failed to pay $34,672,219.18 due October 29 under two convertible debentures. The five-trading-day cure period expired November 5 without payment.
YA II PN, Ltd. (Yorkville) announced that Evolution Metals & Technologies Corp. (EMAT) failed to make a required payment of $34,672,219.18. The payment was due on October 29, 2026, covering principal, payment premiums, and accrued interest under two convertible debentures issued in May and September 2026.
The company's five-trading-day cure period for the default expired on November 5, 2026, without payment. Instead of settling the debt, the company reportedly emailed a draft registration statement for an unannounced public offering to Yorkville on the day the cure period expired.